Is Solana’s 2.3 Million Holder Drop a Sign of Impending Price Crisis?

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Solana New Holders Drop by 2.3 Million, Will It Impact Price Recovery?

Solana’s price hasn’t made significant gains lately, and has been mostly stable, indicating it’s pausing rather than strongly recovering. While there’s been a slight increase, investors still seem hesitant, reflecting a lack of strong confidence in the overall cryptocurrency market.

Over the last ten days, prices have stayed within a predictable range, but this hasn’t led to increased buying.

Solana Is Losing New Holders’ Confidence

When activity on Solana recently slowed down, new users were the first to stop. We define ‘new users’ as those making their very first transactions on the network. At its busiest point earlier this year, Solana saw almost 10 million new users join.

In the last four days, the number has dropped 23% to 7.62 million. This decrease suggests that the rate of new users joining is slowing down. A smaller network expansion usually means potential customers are holding off, waiting for more signs that the economy is improving.

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This recent price dip suggests investors want to see more evidence of a sustained uptrend before buying back in. Many are hesitant to jump on brief price increases. Until the price consistently rises, we likely won’t see significant new investment.

Solana Holders Are Also Pulling Back

Changes in net exchange positions suggest a move from more people buying to more people selling. Bars colored green show money moving *into* exchanges, which often means people are preparing to sell, especially when prices are falling. We’re currently seeing more SOL being transferred to these trading platforms.

Over the past two days, about 1.4 million Solana (SOL) tokens have been deposited into exchanges, totaling around $117 million. This increases the amount of SOL available for sale on those platforms. Large balances like these can potentially slow down price increases if there aren’t enough buyers to purchase the increased supply.

If Solana’s price keeps going up, people who recently bought it might start selling to take profits. This often limits how high the price can go, especially when it’s moving within a predictable range. More money coming in wouldn’t necessarily push the price much higher; it would likely just continue the current stable pattern instead of starting a significant price increase.

SOL Price Breakout Unlikely

Solana’s price is currently fluctuating between $89 and $78, with its current value of $86 positioning it in the middle of this range. Although the price has increased by 10% today, it’s still unclear if this signals a larger, sustained recovery.

With fewer new users joining and more people sending their SOL to exchanges, the price could fall further. If SOL drops below $78, it might fall to around $67, signaling a continued downward trend.

In my analysis, if selling pressure on SOL stops and we don’t see many new coins entering the market, I think we could see a move towards the $89 resistance level. If we break above $89, the price could then climb towards $97. Continued positive momentum beyond $97 would really suggest a significant turnaround and potentially invalidate the current negative outlook, indicating a more stable recovery is underway.

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2026-02-15 00:21